Press release
Global Access Control Market To Be Driven By The Increasing Security Concerns In The Forecast Period Of 2022-2027
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter's Five Forces models.
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The key highlights of the report include:
Market Overview (2017-2027)
Historical Market Size (2021): USD 8.2 Billion
Forecast CAGR (2022-2027): 40%
Forecast Market Size (2027): USD 12.6 Billion
The market for access control is being driven by the growing accessibility to biometric equipment. The cost-effectiveness and ease-of-usage offered by finger recognition is surging its use across industry verticals, hence driving the market growth. With the increasing interconnectedness of devices and the growing security risks, the market for access control is witnessing robust growth to propel security.
As the prevalence of organised crimes and data theft is increasing, the demand for biometric scanners is surging. Moreover, innovations and technological advancements in biometric security is positively impacting the market growth. With the growing trend of continuous authentication, the demand for biometric scanners is growing and propelling the industry growth.
Industry Definition and Major Segments
Access control is a crucial component of security that prevents data breaches. It enables users to access information and resources while mitigating the risk of information being accessed without authorisation. It limits access to information to unauthorised users and boosts the ease of access to employees.
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Based on type, the market is divided into:
Card Reader and Access Control Devices
Biometric Readers
Electronic Locks
Software
Others
By end uses, the market is segmented into:
Commercial
Residential
Government
Industrial
Transport and Logistics
Healthcare
Military and Defence
Others
The regional markets of access control are:
North America
Europe
Asia Pacific
Latin America
Middle East and Africa
Market Trends
The market growth of access control can be attributed to the increasing demand for mobile access control systems owing to their enhanced flexibility and accessibility. The rising requirement for mobile access control systems in the commercial sector is driving the market for access control. With the growing smartphone ownership, smartphones are increasingly utilised as security badges for access control, which is significantly contributing to the growth of the market.
As the adoption of cloud-based access control to enhance operational efficiency is increasing, the market is witnessing robust growth. In addition, due to the trend of remote work in the wake of the COVID-19 crisis, the market is likely to proliferate in the forecast period.
Key Market Players
The major players in the market are 3M Cogent Inc., Hanwha Techwin Co., Ltd., Thales group, Honeywell International Inc, Johnson Controls, Inc., Bosch Security Systems, LLC., Allegion PLC, and Identiv, Inc., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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